Financial Statement Audit: DOE-OIG-25-04

November 15, 2024

The Federal Energy Regulatory Commission’s Fiscal Year 2024 Financial Statements

The attached report presents the results of the independent certified public accountants’ audit of the Federal Energy Regulatory Commission’s (FERC) balance sheets as of September 30, 2024, and 2023, and the related statements of net cost, changes in net position, custodial activity, and statements of budgetary resources for the years then ended, and the related notes to the financial statements.

To fulfill the Office of Inspector General’s audit responsibilities, we contracted with the independent public accounting firm of KPMG LLP (KPMG) to conduct the audit, subject to our review.  KPMG is responsible for expressing an opinion on FERC’s financial statements and reporting on applicable internal controls and compliance with laws and regulations.  The Office of Inspector General monitored audit progress and reviewed the audit report and related documentation.  This review disclosed no instances where KPMG did not comply, in all material respects, with generally accepted government auditing standards.  The Office of Inspector General did not express an independent opinion on FERC’s financial statements.

KPMG concluded that the financial statements present fairly, in all material respects, the financial position of FERC as of September 30, 2024, and 2023, and its net costs, changes in net position, custodial activity, and budgetary resources for the years then ended in accordance with U.S. generally accepted accounting principles.

As part of this review, auditors also considered FERC’s internal controls over financial reporting and tested for compliance with certain provisions of laws, regulations, contracts, and grant agreements that could have a direct and material effect on the financial statements.  The audit did not identify any deficiency in internal control over financial reporting that is considered a material weakness.

The results of the auditors’ review disclosed no instances of noncompliance or other matters required to be reported under Government Auditing Standards or applicable Office of Management and Budget guidance.

There are no formal recommendations that need to be tracked in the Departmental Audit Report Tracking System; therefore, an additional response is not required.